SYDNEY, August 4, 2008 (AFP) - Australia's biggest ports and rail operator Asciano Group said Monday it had received a 2.9-billion-dollar (2.7-billion-US) takeover bid from a private equity consortium.

The joint bid by TPG Capital and Global Infrastructure Partners offers 4.40 dollars cash per security or a scrip alternative of unlisted securities in a bidding company, Asciano said in a statement.

The company advised shareholders to take no action and around mid-session Asciano shares were trading 16.6 percent higher at 4.84.

US-based TPG Inc. is one of the world's largest private equity investment firms while Global Infrastructure Partners was formed by Credit Suisse Group and General Electric Co.

Austock infrastructure analyst Andrew Chambers said in a note to clients that the approach was a 'low balled bid that significantly undervalues Asciano' and was unlikely to secure board support.

He said the bid had been prompted by recent weakness in Asciano's price, driven partly by fear over its debt levels and a downgrade to its earnings guidance.

Since its demerger in June 2007 from transport and logistics parent Toll Holdings Ltd., Asciano shares have fallen up to 77 percent, to a record low of 2.68 in July.

'Given all the noise around Asciano, many market participants have largely forgotten the strategic positioning and value of Asciano's asset base and hence allowed the stock to trade down to levels well below fair value,' said Chambers.

Asciano operates container ports in Melbourne, Sydney, Brisbane and Fremantle and auto, bulk and general cargo services across more than 30 ports in Australia and New Zealand.

It is also a dominant provider of coal and grain haulage and transports other bulk commodities through its Australia-wide Pacific National rail freight business.

- Dow Jones Newswires contributed to this report -